diff --git a/Makefile b/Makefile
index d787c92d..6d35a669 100644
--- a/Makefile
+++ b/Makefile
@@ -16,7 +16,7 @@ BIN_DIR=_output/cmd/bin
 REPO_PATH="github.com/kubeflow/mpi-operator"
 GitSHA=$(shell git rev-parse HEAD)
 Date=$(shell date "+%Y-%m-%d %H:%M:%S")
-RELEASE_VERSION?=v0.6.0
+RELEASE_VERSION?=v0.7.0
 CONTROLLER_VERSION?=v2
 BASE_IMAGE_SSH_PORT?=2222
 IMG_BUILDER=docker
diff --git a/README.md b/README.md
index 5d710ddf..1d7627c2 100644
--- a/README.md
+++ b/README.md
@@ -18,7 +18,7 @@ kubectl apply --server-side -f https://raw.githubusercontent.com/kubeflow/mpi-op
 - Release Version
 
 ```shell
-kubectl apply --server-side -f https://raw.githubusercontent.com/kubeflow/mpi-operator/v0.6.0/deploy/v2beta1/mpi-operator.yaml
+kubectl apply --server-side -f https://raw.githubusercontent.com/kubeflow/mpi-operator/v0.7.0/deploy/v2beta1/mpi-operator.yaml
 ```
 
 Alternatively, follow the [getting started guide](https://www.kubeflow.org/docs/started/getting-started/) to deploy Kubeflow.
diff --git a/RELEASE.md b/RELEASE.md
index c93e2b87..d8267ab5 100644
--- a/RELEASE.md
+++ b/RELEASE.md
@@ -1,5 +1,20 @@
 # MPI Operator Releases
 
+## Release v0.7.0
+* Features:
+    * Support custom cluster domain in MPI hostfile generation. (#704, #707, #738, @tenzen-y)
+    * Enable Service `publishNotReadyAddresses` when `runLauncherAsWorker` to improve DNS discovery for workers. (#703, @tenzen-y)
+    * Expose job controller workqueue rate-limiting configuration via operator flags to improve scalability tuning. (#674, @rotemelad)
+* Bug fixes:
+    * Fix crash in PodGroup when `runLauncherAsWorker=true`. (#669, @GonzaloSaez)
+    * Fix missing ReplicaIndexLabel when `runLauncherAsWorker=true` so the launcher pod gets the expected pod index label (helps Kueue/TAS rank discovery). (#690, @GonzaloSaez)
+* Clean ups:
+    * Upgrade Kubernetes dependencies to v1.34. (#742, @tenzen-y)
+    * Fix kustomize v5 warnings in manifests. (#700, @vikas-saxena02)
+    * Upgrade Debian version to trixie and MPI versions are upgraded in the following: (#685, @tenzen-y)
+      * OpenMPI: v4.1.4 -> v5.0.7
+      * MPICH: v3.4.1 -> v4.2.1
+
 ## Release v0.6.0
 * Features:
   * Support ManagedBy feature (`.spec.runPolicy.managedBy`) inspired by batch/v1 Job.